Angola is again the largest producer of crude oil in Africa, as militant activities continue to cripple Nigeria’s crude oil production. According to the Organisation of Petroleum Exporting Countries (OPEC), Angola’s production levels rose by about 4,000 barrels per day, from May to June 2016. In like manner, oil production rose by 98,000 barrels per […]
Oil prices recovered Tuesday but stayed near two-month lows as increased US drilling, a strong dollar and hints of higher production by Iran and Libya brought worries about a global glut back into focus. The commodity has retreated since last month hitting above $52 a barrel as supply disruptions in Nigeria and Canada eased and […]
By pegging the price of Premium Motor Spirit (PMS) at N145 a litre, the Federal Government has in the last two months saved about N139 billion from subsidy removal. Before the introduction of the current pricing template of the Petroleum Product Pricing Regulatory Agency (PPPRA), a litre of petrol was selling at N86.50, estimates showed […]
Duties on shipping business at the ports have shot up astronomically in the wake of the new flexible foreign exchange rate policy of the Central Bank of Nigeria (CBN). Already, the Federal Government has launched the implementation of the new policy, which customs and clearing agents lament has hiked duties by about 40 per cent. […]
The new foreign exchange regime is failing to bridge the gap between parallel and interbank market rates of the naira to foreign currencies, TheCable can report. At the introduction of the regime, the Central Bank of Nigeria had argued that the new regime would see the naira settle reasonably at 250 to the dollar. The […]
The International Monetary Fund (IMF) has admitted that the Nigerian economy “will probably” shrink in 2016, performing below the IMF forecast for the country. Speaking in Abuja on Monday, Gene Leon, IMF resident representative in Nigeria, said energy shortages and delayed budget weigh on output in Africa’s largest economy. After contracting by 0.4 percent in the […]
Dollar to Naira Rate Black Market July 12 2016. Today’s Naira Black Market Exchange Rates. Dollar to Naira. Pounds to Naira. Euros to Naira. Prevalent rates for the City of Lagos. Actual rates may vary slightly based on vendor. Rates are updated during the day as they change. NAIRA (N) USD ($) EURO (€) GBP […]
LAGOS, July 11 (Reuters) – Exxon Mobil Corp said on Tuesday no attacks had taken place at its facilities after Nigerian militant group Niger Delta Avengers said it had blown up the Qua Iboe 48″ crude oil export pipeline operated by the company. “There were no attacks on our facilities,” said Exxon Mobil spokesman Todd […]
By Alexis Akwagyiram LAGOS, July 11 (Reuters) – Leaders of a Nigerian trade union whose members are on strike held talks with government officials on Monday aimed at resolving the dispute, the Nigerian National Petroleum Corporation (NNPC) and a union leader said. The strike by about 10,000 Petroleum and Natural Gas Senior Staff Association of […]
The Naira on Monday weakened slightly against the dollar at the parallel market, the News Agency of Nigeria (NAN), reports. The Nigerian currency shed 1 point to trade at N353 by midday, from N352 it traded on Friday. However, the Naira hedged against the Pound Sterling and the Euro as it traded for N460 and […]
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